FirstHoldCo posts ₦744.5bn profit in 9 months as electronic banking fees hit ₦73.2bn

FirstHoldCo Plc, the parent company of FirstBank Nigeria, reported a profit of ₦744.5 billion for the nine months ending September 30, 2026. This represents a significant increase from the ₦450.9 billion recorded during the same period in 2025.

In total, the group made about ₦293.6 billion more in profit than it did a year earlier, a 65.1% increase. Its unaudited financial statements also showed higher earnings from electronic banking and funds transfer services, which are closely linked to customers’ everyday banking activities.

However, the jump in profit was much larger than the increase in these fees. This suggests that other areas of the business also played an important role in strengthening the group’s performance.

An important factor was the drop in impairment charges. Banks record these charges as a provision for loans and other financial assets that may not be recovered. For FirstHoldCo, impairment charges fell to ₦207.1 billion from ₦288.9 billion a year earlier, representing a decline of about 28.3%.

The group also recovered ₦94.3 billion during the period, compared with just ₦5.9 billion in the first nine months of 2025. These recoveries came from loans and other financial exposures that had previously been considered risky or unlikely to be repaid.

Similar read: FirstHoldCo generated ₦76.6 billion from digital channels in H1 2026

Together, the lower impairment charges and sharp rise in recoveries helped support FirstHoldCo’s stronger profit. However, they do not tell the whole story, as the group’s overall performance was also shaped by income from other parts of the business.

Electronic banking fees rise to ₦73.2 billion

FirstHoldCo earned ₦73.2 billion from electronic banking fees in the nine months to September 2026, compared with ₦68.8 billion in the same period last year. That represents an increase of ₦4.4 billion, or about 6.3%.

Electronic banking fees are income generated from services that enable customers to conduct transactions through electronic banking channels. These can include digital banking services and electronic transactions, although the financial statement does not break the category down by individual channel.

The increase means this category generated more fee income for the group than it did a year earlier. It does not, however, establish that mobile banking usage or transaction volumes grew by the same percentage.

FirstHoldCo Chairman, Femi Otedola

FirstHoldCo’s funds transfer fees also increased

The group also earned ₦40.1 billion from funds transfer and intermediation fees in the first nine months of 2026, up from ₦37.0 billion during the same period in 2025. That represents an increase of ₦3.2 billion, or about 8.5%.

These fees come from services such as transferring money and helping customers complete transactions. Although such activities may seem routine, the charges provide banks with income in addition to the interest they earn from loans.

Combined, electronic banking and funds transfer fees brought in ₦113.3 billion during the period, compared with ₦105.8 billion a year earlier, a 7.1% increase. However, this figure covers only these two fee categories and does not represent FirstHoldCo’s total digital banking revenue.

The figures show that while transaction-related income increased, it did not grow nearly as fast as the group’s overall profit, which rose by 65.1%. This means other areas, including lending, loan recoveries, lower impairment charges, operating costs and other income, also contributed to the stronger result.

For customers, the results show how everyday activities such as transfers and electronic payments contribute to the wider business of one of Nigeria’s biggest banking groups.

Also read: How ₦60 Billion in ‘Electronic purse’ deposits vanished from First Bank without an audit note